Mid-Day Gold & Silver Market Report – 6/17/2014
Peter LaTona
6/17/2014 12:02:00 PM
GOLD & SILVER OFF LOWS BUT STILL DOWN FOR THE DAY
Stocks have rebounded and Gold and Silver have moved off morning lows. Housing is down, inflation is up and markets appear indifferent as they await announcements from this weeks Fed meeting. “Inflation, it's becoming closer to their target. If that continues to heat up, and goes faster than expected, then the Fed will be stuck," Nick Raich, chief executive officer at the Earnings Scout, said. Still, while Tuesday's report "changes the game a little bit, my guess is it's not enough to have the Fed raise short-term interest rates. We don't think that'll come until 2015," Raich added.
The Federal Open Market Committee (FOMC) is not expected to make any surprise announcements on Wednesday, but still a great deal of attention will be paid to what is said and how it is said. The marketplace is looking for clues as to when interest rate hikes will begin. A statement will be issued at 2 P.M. (ET) on Wednesday and will be followed by a press conference with Fed Chair Janet Yellen. There are Fed members, such as Kansas City Fed President Esther George, who are not convinced easy monetary policies are working and fear the effects of leaving them in place for too long.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,273.20, Down $4.10.
- Silver, $19.76, Down $0.02.
- Platinum, $1,442.70, Up $1.60.
- Palladium, $817.00, Up $7.60.
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
